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Missouri Banking Questions & Answers
1 Answer | Asked in Banking, Business Formation and Business Law for Missouri on
Q: Does my website have to register as a financial institution or anything alike if I operate a cryptocurrency escrow on it
James L. Arrasmith
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answered on Feb 23, 2024

Operating a cryptocurrency escrow service on your website brings you into a complex regulatory landscape that varies significantly by jurisdiction. In many places, such services are considered part of the financial sector and are subject to specific regulatory requirements. These can include... View More

1 Answer | Asked in Banking for Missouri on
Q: Discrimination at my bank, I feel discriminated at the bank I do banking at. Do I possibly have a legal standing?

I talked with the bank manager about an incident I experienced with a bank employee, and I don’t feel I was taken seriously.

James L. Arrasmith
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answered on Feb 5, 2024

Yes, you may have a legal standing here if you have experienced discrimination by your bank. Here are a few key things to consider in terms of legal protections and steps to take:

1) Discrimination Laws: Both federal and Missouri laws prohibit discrimination by banks and financial...
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1 Answer | Asked in Banking for Missouri on
Q: I feel discriminated at my bank because of my financial status and nationality. Do these reasons have legal merit?
James L. Arrasmith
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answered on Feb 5, 2024

Yes, discrimination based on financial status or nationality when banking could potentially have legal merit, depending on the specifics. Here are some key points about banking discrimination protections that may apply:

Financial Status:

- There is no specific Missouri law...
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1 Answer | Asked in Banking and Libel & Slander for Missouri on
Q: Can I sue the bank or the employee that gave out my confidential information to the public about my loan

A person off the street ask an employee about our personal information at the bank and the employee told them everything and they in turn spread it all over town, and we signed a letter stating everything was confidential.

Ronald J. Eisenberg
Ronald J. Eisenberg
answered on Nov 13, 2023

This isn't defamation. Defamation requires a false statement that damages you. You could sue for something else, but unless you've been financially harmed, my guess is that it won't make financial sense for you to pay an attorney to file suit for you.

1 Answer | Asked in Contracts and Banking for Missouri on
Q: What are the legal repercussions of “paying” off a loan to get into another loan?

Right now we have a loan with our current vehicle and its transmission went out. We still owe on this vehicle. We are going to eventually just give it back to the bank. When I tried to get another loan for a vehicle, no place would let me because of the loan I have. I used my routing number to make... View More

Robert Grant Pennell
Robert Grant Pennell
answered on Sep 20, 2023

You have the cart in front of the horse. You need to be asking “what are the legal repercussions of knowingly writing a bad check.” The answer is it is a crime, and you can be pursued criminally by the prosecuting attorney or civilly by the lender to whom you wrote the check knowing it would... View More

1 Answer | Asked in Consumer Law, Contracts and Banking for Missouri on
Q: I opened a brokerage account with TD Ameritrade and tried to withdrawal but was told I could not withdrawal my money????

I opened a brokerage account with TD Ameritrade and deposited $1,500 by way of check. They put a hold on the check for 7 days which the check cleared it was wrote from my grandmother. So today after I was told that it cleared I tried to make a withdrawal for $200 and was told I could not withdraw... View More

Jacob Rheaume
Jacob Rheaume
answered on Mar 16, 2023

You're probably not out the $1,500. I would give them more time to conduct their investigation. If you haven't committed fraud, there's likely nothing to fear.

There are a lot of reason TD Ameritrade would put a hold on your funds; namely, you seem to be using a brokerage...
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1 Answer | Asked in Workers' Compensation and Banking for Missouri on
Q: I have been a part of a system of methods for multimedia , do I get paid for all this?

I don't have more info

James L. Arrasmith
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answered on Feb 23, 2024

It sounds like you're unsure about whether you'll be compensated for your contributions to a multimedia project. Without more information about the nature of your involvement and any agreements or contracts in place, it's difficult to determine whether you're entitled to... View More

1 Answer | Asked in Copyright, Divorce, DUI / DWI and Banking for Missouri on
Q: I need Help To Review My Deposition
James L. Arrasmith
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answered on Feb 21, 2024

Reviewing your deposition is crucial to ensure accuracy and completeness of the testimony provided. Start by carefully reviewing the transcript or recording of your deposition, paying attention to the questions asked and your responses. Verify that your answers accurately reflect your recollection... View More

1 Answer | Asked in Banking, Civil Litigation and Criminal Law for Missouri on
Q: If I wreck a vehicle that is uninsured and financed by a bank can the bank file crimal charges after repossession??
Tim Akpinar
Tim Akpinar
answered on May 23, 2023

A Missouri attorney could advise best, but your question remains open for two weeks. Filing charges is generally the domain of county prosecutors. Banks are usually more interested in the value of the vehicle and remaining balance of the finance agreement. It would be best to consult with a local... View More

1 Answer | Asked in Employment Law and Banking for Missouri on
Q: Can a bank fire me for forgetting my password

I could not remember my login password at my bank job and I was terminated

Ronald J. Eisenberg
Ronald J. Eisenberg
answered on Jul 18, 2022

Missouri is an employment-at will state. As such, an employer may fire an employee for such a reason or even for no reason.

1 Answer | Asked in Divorce, Real Estate Law and Banking for Missouri on
Q: I purchased a house in 2010 in my name only I was married about three years does she get half

I’m Refinancing with cash out for debt consolidation Lender says she may have to sign some form is this necessary in Missouri

Keya Reed
Keya Reed
answered on Jun 5, 2021

If the hour was bought during the marriage with marital funds, your spouse is entitled to an equitable distribution of that property.

1 Answer | Asked in Banking and Legal Malpractice for Missouri on
Q: Can your wages be garnished without going to court?
Ronald J. Eisenberg
Ronald J. Eisenberg
answered on Mar 30, 2021

Generally, no, but I'm not sure if you are seeking to collect money owed or if a private party or the government is garnishing your wages.

Ronald J. Eisenberg

Schultz & Associates LLP

640 Cepi Drive, Suite A

Chesterfield, MO 63005

Direct: (636) 733-6647

1 Answer | Asked in Consumer Law, Estate Planning and Banking for Missouri on
Q: Wife opened bank account for young daughter with herself also listed. Wife died. Daughter now 20, access without court?

Account type is a savings account. Only my daughter and my late wife are listed on the account. Daughter’s name is listed first and daughter treated as owner for interest income reporting. We are in State of MO and daughter is now 20. Bank telling her that they can’t give her any info or answer... View More

Jennifer Sheila Kornblum
Jennifer Sheila Kornblum
answered on Dec 28, 2020

It will depend on how their names are listed on the account. Things as simple as “and” and “or” can make a big difference. It is worth a brief conference with an attorney to determine your daughter’s rights to the account, especially if it can avoid the necessity of filing probate.

1 Answer | Asked in Banking and Collections for Missouri on
Q: Company like ebay but specialized in my field owes Money for goods sold through their service. Payment plan a good idea?

Just dont want to agree to payments and then find out that by accepting an initial small payment that im accepting that as a resolution

Ronald J. Eisenberg
Ronald J. Eisenberg
answered on Aug 13, 2020

If enough money is at issue you'd be well served to hire an attorney to prepare a written document the clearly specifies the agreeed upon repayment terms and protects your interests.

In general, if it costs you less to achieve a payment plan and it gets paid, as opposed to the costs...
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2 Answers | Asked in Banking and Civil Litigation for Missouri on
Q: I need help on a money issue. Money was transferred into my account. I did not know who it was from when it happened.

Hello, I received a funds transfer on July 14th of $20,138.00. I called my bank and they said it was transferred from another account and could not see where from. I waited a week to touch the money just in case. Then I used to to help pay of bills. The day after touching the money I get a call... View More

Ronald J. Eisenberg
Ronald J. Eisenberg
answered on Jul 24, 2020

This isn't the answer you want to hear but I believe that if grandpa sues you then you will lose. From a legal standpoint, I question whether there was any "consideration" given by you in exchange for his statement that he was not going to sue you. Consideration is an essential... View More

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1 Answer | Asked in Banking, Business Law and Contracts for Missouri on
Q: Can I sue a financial institution for tortious interference involving a contract/ and or breach of contract?

The bank used to obtain a loan for my company shut my debit card off and blocked access to funds needed to conduct my daily business operations due to my business partner and I having a disagreement. He used his connections at the bank to pull this stunt off. The account was clearly a joint... View More

Ronald J. Eisenberg
Ronald J. Eisenberg
answered on Jun 29, 2020

It sounds like your business is the accountholder and that it be the party with standing to file any lawsuit. It also sounds like you and your partner are not going to agree on whether to pay an attorney thousands of dollars to sue the bank. You should carefully review the depository agreement... View More

1 Answer | Asked in Banking for Missouri on
Q: My husband is refinancing our home and using the equity to buy himself a new home. He is doing this without my consent.

Can he legally do this without me if my name is on both title and loan?

Bruce Alexander Minnick
Bruce Alexander Minnick
answered on May 13, 2020

No, at least not in Florida; and I would be very surprised to see Missouri--or any other state--that allows husbands (or wives) to steal the homestead the way you describe. You might want to call the lender and tell them about this.

1 Answer | Asked in Banking and Contracts for Missouri on
Q: I closed on a micro loan on April 28. Today is May 6. Is the contract null and void if I haven’t received the funds?

The loan is for my small business. I contacted my banking institution and they said no wire was ever received or had been attempted by this company. The loan company claimed they’ve tried to send it and my bank keeps bouncing the money. I am due to have the money deducted from my account starting... View More

Jennifer Sheila Kornblum
Jennifer Sheila Kornblum
answered on May 6, 2020

If you don’t get the money they purported to loan to you, it may constitute fraud. But you need to take steps to protect your interests. First of all, if the only thing you have in writing is the loan agreement that may be problematic. You need to immediately notify the lender IN WRITING that you... View More

1 Answer | Asked in Estate Planning and Banking for Missouri on
Q: COVID19 stimulus check made to both me and spouse arrived, he died 3 months ago,how/can I cash this check?

Ss admin was notified, his bank account closed out, no 2019 taxes filed yet, and no probate case opened at this time. This check is similar to tax refund checks I fear and require all parties endorse. Help!

Joseph John Piatchek
Joseph John Piatchek
answered on May 5, 2020

May likely require filing a case with the local county probate court where you live. There are several ways this can be done, perhaps even a "small estate", among other ways. In any event, you likely need some sort of authority to sign on his behalf, and probate courts is where you can... View More

2 Answers | Asked in Estate Planning and Banking for Missouri on
Q: If I accidentally deposit money in a UTMA can I fix my mistake or is it irrevocable?

A few days ago I accidentally deposited some money in my daughter’s UTMA and bought some stocks with it before I realized my mistake. Can I sell the stocks and withdraw the money or is it now irrevocable her money?

Jennifer Sheila Kornblum
Jennifer Sheila Kornblum
answered on Mar 8, 2020

Generally speaking, any deposits to a UTMA account by a parent are irrevocable. You should consult an attorney in your area to discuss the details to be sure.

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